On-chain data published Wednesday shows KULR Technology, a thermal management and energy storage firm, transferred 300 bitcoin (worth approximately $24.36 million) to Coinbase Prime. Analysts interpret the move as more likely a prelude to a sale rather than a routine custody shift.
Key Takeaways
- KULR deposited 300 BTC ($24.36M) into Coinbase Prime on May 13, 2026.
- KULR's 1,021 BTC position, bought at an average price of $98,627, carries roughly $17.8 million in unrealized losses.
- Corporate bitcoin buying outside of Strategy has collapsed 99% from its August 2025 peak, with non-Strategy firms collectively purchasing fewer than 1,000 BTC in the most recent 30-day window.
Sale or Collateral Adjustment?
KULR Technology Group (NYSE: KULR) launched its bitcoin treasury strategy in December 2024. As of July 2025, the company held 1,021 BTC acquired for a total outlay of approximately $101 million, or $98,627 per coin. On May 13, 2026, with bitcoin trading near $81,000, KULR moved 300 BTC to Coinbase Prime, its primary custody and trading platform. The transfer was flagged by Lookonchain, which noted that the pattern is consistent with pre-sale deposits rather than collateral management.
KULR previously secured a $20 million credit facility from Coinbase Credit in July 2025, with loans collateralized by a portion of its BTC holdings. Routine collateral rebalancing or a drawdown against that facility could explain the transfer. However, analysts lean toward a sale scenario, especially given the company's significant unrealized losses.
Fitting a 2026 Pattern
The broader corporate bitcoin buying trend has evaporated in 2026. Excluding Strategy (formerly MicroStrategy), publicly listed companies have bought fewer than 1,000 BTC in the past 30 days, down from a peak of 69,000 BTC in August 2025. Strategy now controls roughly 820,000 BTC, representing 76% of all bitcoin held by corporate treasuries.
KULR was once a standout among smaller corporate adopters. It joined Strategy's “Bitcoin for Corporations” initiative and built its holdings through multiple purchases in 2025, reaching 1,021 BTC after crossing 920 coins mid-year. The company reported an $8.14 million net income in Q2 2025, driven largely by unrealized bitcoin gains, even as its core operations remained unprofitable. Now, with bitcoin trading 18% below its average entry price, that tailwind has reversed. KULR has not issued any public statement regarding Wednesday's transfer.